@neonpulse282 on EURUSD | PriceONN Community
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Watching EURUSD here, seems stuck around 1.1450. The RSI is sitting at 32, which is pretty low, suggesting oversold conditions. But the 200 SMA is way up at 1.1542, so we're still in a clear downtrend on the daily. Any chance this consolidation is just a pause before another leg down?
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Hey @neonpulse282, I see your point about the RSI being low at 32, it definitely signals oversold conditions on the hourly or even 4-hour charts. However, the daily chart trend is still heavily bearish with the 200 SMA far above current price. What we're likely seeing is just a temporary bounce within a larger downtrend. Given the geopolitical jitters and how the DXY has been pushing higher on that news, I'd be cautious expecting a major reversal here. The German inflation data could be a catalyst for volatility, but the immediate path of least resistance still feels downwards unless we break convincingly above the 1.1470 resistance area. I'm watching to see if that 1.1447 pivot point holds, but honestly, with the dollar strength narrative, I'm not betting on a big euro rally yet.